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| Energy Resources of Australia eyes Chinese uranium market |
| News Archive - Environmental, New & Alternative Energy - April news | |
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Last Updated(Beijing Time):2006-04-26 11:00 ERA Chairman David Klingner said the agreements, which were signed early April, won't come into force until ratified by the Australian parliament and the Chinese political process. "The company welcomes progress towards opening up this new market," he told ERA's annual shareholder meeting. "China and India are embarking on ambitious nuclear power programs to support their growing populations and increasing economic development," he said. ERA, a 68.4% unit of Rio Tinto PLC (RIO.AU), has been operating the Ranger mine in the Northern Territory for 25 years, where operations have been extended to 2014 and exploration activity boosted in a bid to lift resources. Klingner said that in 2005 a total of 31 countries operated 443 commercial nuclear reactors, with a further 25 more under construction. The Australian government has begun a process for increasing community debate on Australia's involvement in the industry, he said. While the Australian public and policy-makers continue to debate the pros and cons of expanding uranium production, "those of us in the industry are welcoming the growing understanding of nuclear issues," he said. Production of uranium oxide at Ranger in 2005 rose 15% to 5,910 metric tons on the back of record mill throughput and a slightly higher uranium content of ore at an average of 0.288% uranium oxide. Ranger is one of three Australian mines - the other two being BHP Billiton Ltd.'s (BHP) Olympic Dam operation and General Atomics' Beverley mine. A fourth mine, the Honeymoon Project, has permits to mine uranium and is expected to decide whether to bring the project into commercial production by mid-2006. Total Australian exports of uranium in 2005 of 12,360 metric tons, or about 20% of world supply, were valued at A$573 million. Miners export the uranium under long-term contract to utilities in 12 countries in Asia and Europe, and to the U.S.(Dow Jones) |
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